Seoul: The South Korean government has announced a commitment to provide "unlimited liquidity" to stabilize the nation's financial markets following the recent declaration of emergency martial law by President Yoon Suk Yeol. The finance ministry made this pledge on Wednesday, coinciding with an emergency meeting of economy-related ministers led by Finance Minister Choi Sang-mok. According to Yonhap News Agency, the declaration of martial law had an immediate impact on the financial markets, causing the South Korean won to reach a multiyear low and resulting in a decline in local assets traded overseas. The government's response aims to calm the markets, with a promise to supply ample liquidity until the stock, bond, short-term funding, and foreign currency markets regain stability. Finance Minister Choi Sang-mok, who also serves as the deputy prime minister for economic affairs, reinforced the government's dedication to minimizing any economic repercussions. In a press briefing, Choi stated, "The government will do its utmost to ensure that the uncertainties facing our economy are swiftly resolved." Furthermore, a 24-hour government monitoring team has been established to mitigate potential impacts on the real economy. The KOSPI, South Korea's benchmark stock index, closed at 2,464.00, representing a decrease of 1.44 percent, or 36.1 points, from the previous session. The Korean won was trading at 1,410.1 per dollar by 3:30 p.m., showing a partial recovery from its overnight dip to 1,442 per dollar, the lowest since October 25, 2022. Choi convened with leaders of six major business lobby groups, including the Korea Chamber of Commerce and Industry, to discuss the incident's aftermath. He assured the business community of the government's efforts to minimize uncertainties and avoid disruptions to corporate activities like investments and exports. To address international concerns, Choi emphasized that the emergency martial law and related measures had been lifted in accordance with due process. In communicatio ns to global financial leaders, he reassured them that South Korea's political and economic systems were functioning normally and that disruptions were being managed effectively. First Vice Finance Minister Kim Beom-seok also engaged in discussions with financial attaches from countries such as the United States, China, Japan, and Britain to foster communication and alleviate concerns about South Korea's economic stability. Market analysts, like Kim Byung-yeon from NH Investment and Securities Co., suggested that the financial market volatility might be short-lived due to the swift resolution of the martial law declaration. Meanwhile, Choi and other Cabinet members have offered their resignations, following the National Assembly's vote to reverse the martial law measure and the Cabinet's formal approval of its repeal.